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Wang Yi on the First Phase of China-United States (US) Economic and Trade Agreement: It Serves as Bullish News for Both Countries and the Rest of the World

On December 14, 2019 local time, State Councilor and Foreign Minister Wang Yi and Deputy Prime Minister and Foreign Minister Miro Cerar of Slovenia met the press together after their talks in Ljubljana. The Slovenian journalist asked about the impact of the China-United States (US) deal on the text of a phase-one economic and trade agreement on the economic and trade relations between China and Europe.

Wang Yi said, China has, as always, been opposed to settling economic and trade disputes by imposing tariffs as there is no winner in a trade war. China has also rejected the use of unilateral pressure as it violates the rules of the World Trade Organization (WTO). Following rounds of back-and-forth negotiations, China and the US have agreed on the wording of a phase-one economic and trade agreement, and the US side has promised to phase out additional tariffs on Chinese products. The agreement demonstrates the spirit of mutual respect and is the outcome of consultation on equal basis, which addresses concerns of both sides. The agreement meets the intrinsic requirements of high-quality economic development of China and the common interests of both peoples, and serves the common aspiration of the international community. The agreement is conducive to gradually bringing China-US economic and trade relations back onto the track of normal development, injecting confidence into the downward world economy and enhancing stability of the global trade order.

Wang Yi expressed, the current China-US relations still face many issues which call for attention and careful handling. It is hoped that the US side will make concerted efforts with the Chinese side to meet each other halfway, effectively manage differences and expand mutually beneficial cooperation so as to push forward the China-US relations based on coordination, cooperation and stability.

Wang Yi stressed, the phased economic and trade agreements reached between China and the US is neither targeting nor harming a third party but bullish news for all countries of the world. China-US trade cooperation will be based on WTO rules and Chinese enterprises will import more competitive products and services from the US and other countries according to the marketing and commercial principles. As China is deepening its reform and opening up, its market will inevitably expand, which offers opportunities to the US, as well as to Europe and the rest of the world. China has always opposed protectionism, and advocated building an open economy. All countries should provide a fair and non-discriminative environment for normal trade and investment. China welcomes the fair competition of businesses of all countries in the Chinese market and more competitive products from Europe.

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